MQG breakout to the upside | Michael Gable | Finance News Network

MQG breakout to the upside

by Michael Gable

There is some very exciting price action continuing to develop on MQG which suggests that we should continue to see significant upside. For the last few months, and especially in the last several weeks, we can see the share price of MQG converging to a point around $45. This symmetrical triangle is like a compressed spring and once it breaks out, we can get a very impulsive move. I have been telling anyone that would listen, clients, colleagues, etc that once we get a breakout, we need to follow it. Since MQG has been trending up, the likely breakout would be to the upside, and we have now seen that finally occur. With good volume in the last week, MQG is likely to continue trading higher here over the next few months at the very least. With the market doing well, and economies globally improving, a high beta stock like MQG should be expected to outperform. And with this breakout finally occuring, investors can use any weakness as a buying opportuning. Based on the charts, MQG has every chance of rallying up to the high $50's.  

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